Business News

Exclusive: Saudi Arabia's PIF eyes stake in U.S. movie studio Legendary - sources

NEW YORK/DUBAI (Reuters) - Saudi Arabia’s sovereign wealth fund PIF is exploring the acquisition of up to a $700 million stake in Legendary Entertainment, the U.S. movie studio behind films such as “Jurassic World” and “Interstellar”, according to people familiar with the matter. A PIF deal with Legendary would test Hollywood’s appetite for Saudi investments following widespread condemnation of Riyadh las...

14 Nov 6:39 PM 0 Read More...

Sterling extends losses on report of possible Brexiteer move

NEW YORK (Reuters) - The sterling fell to session lows against the euro and dollar on Wednesday following a BBC report that Brexit proponents in the Tory party in the U.K. parliament might call for a no confidence vote on their leader and Prime Minister Theresa May on Thursday. At 1:15 p.m. (1825 GMT), the pound GBP=D3 was down 0.45 percent at $1.291, while the euro was up 0.43 percent at 87.43 pence. Reporting by Ri...

14 Nov 6:39 PM 0 Read More...

Oil rebounds after plunge, world stock markets fall for fifth day

NEW YORK (Reuters) - Oil prices rebounded on Wednesday on hopes for output cuts after a steep drop a day earlier, while a gauge of global stock markets fell for a fifth straight session as declines in tech and financial shares pressured Wall Street. Oil recouped some of the previous session’s heavy sell-off, on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the m...

14 Nov 6:39 PM 0 Read More...

Ackman's Pershing Square exits Mondelez, sees better places to invest

NEW YORK (Reuters) - William Ackman’ hedge fund Pershing Square Capital Management sold out of snack maker Mondelez International during the third quarter some three years after first making the investment. “It was not a barn burner of an investment,” Ackman told investors on a conference call on Wednesday, adding that he has found better places to invest the cash. He did not say how much he made or lost or exa...

14 Nov 6:39 PM 0 Read More...

Oil finds floor, stocks ease, sterling braces for wild swings

MILAN (Reuters) - Oil prices bounced from multi-month lows on Wednesday but stocks fell as disappointing data heightened worries over slowing global growth, while the pound wavered as Prime Minister Theresa May faced the hard task of selling her Brexit deal. European shares hit a two-week low after data showed the German economy contracted for the first time since 2015, tracking similar losses in Asia where data in J...

14 Nov 1:34 PM 0 Read More...

Macy's boosts annual earnings forecast

(Reuters) - Macy’s Inc (M.N) raised its annual earnings forecast ahead of the crucial holiday shopping season, as the department store chain benefits from a revamped loyalty program and a growing online business. Macy’s now expects adjusted earnings of between $4.10 and $4.30 per share in fiscal year 2018, compared with an earlier forecast of $3.95 to $4.15 per share, the company said on Wednesday. Sales from Mac...

14 Nov 1:34 PM 0 Read More...

U.S. farmers scramble to contain trade-war damage, find new markets

ADDIEVILLE, Ill.(Reuters) - Clouds crowded the Illinois sky as Nick Harre walked away from his combine at the peak of harvest to join four fellow farmers in greeting some unlikely visitors. Inside a nearby seed barn, they made their pitch to eight Sri Lankan government officials: Please buy our soybeans. The wooing of such a tiny market underscores the depth of U.S. farmers’ problems after losing their biggest cust...

14 Nov 1:34 PM 0 Read More...

U.S. most-favored equity region, tech allocations down: BAML survey

(Reuters) - Despite market wobbles, the United States is the most favored equity region for global fund managers, who broadly expect the S&P500 index to rise another 12 percent before peaking, Bank of America Merrill Lynch’s latest investor survey showed on Tuesday. The November survey, canvassing investors managing $641 billion, was conducted from Nov 2-8 as funds, relieved over the outcome of U.S. midterm e...

14 Nov 8:30 AM 0 Read More...

Singapore Airlines finds premium economy a tougher sell on new non-stop U.S. flights

SINGAPORE (Reuters) - Singapore Airlines Ltd (SIAL.SI) is facing no problem selling business class tickets on its ultra-long non-stop flights to the United States but is having to price premium economy seats very attractively, a senior executive said on Wednesday. The carrier last month resumed after five years the world’s longest commercial flight, a near-19 hour non-stop journey from Singapore to New York. The ai...

14 Nov 8:30 AM 0 Read More...

Weaker retail sales loom over China's economy despite some bright spots

BEIJING (Reuters) - China delivered a mixed economic report card for October on Wednesday as softening retail sales pointed to a consumption slowdown, even as a pick-up in industrial output and investment suggested support measures may be starting to take hold. Taken together with weak credit data the previous day, the latest readings reinforced consensus views that the world’s second-largest economy will continue...

14 Nov 8:30 AM 0 Read More...